Key Data

• Trading Name: WELLCOINPAY/WELLEX PAYMENT
• Legal Entity: WELLEX PAYMENT LTD/Wellex Payment OÜ
• Activities: Payment system aggregator
• Location: Estonia
• Regulations: unregulated
• Key People:Denis Koshiy

Wellcoinpay is a payment processing platform offering solutions for online businesses to accept a variety of payment methods, including electronic payments, cryptocurrencies, and mobile payments. It targets small to medium-sized enterprises with services such as merchant accounts, internet acquiring, and payment processing.

Offering

Their aggregator payment system enables merchants to manage all transactions in one place and accept payments globally using numerous methods. They support payment systems like PayPal, Stripe, Skrill, Neteller, Payeer, Perfect Money, AdvCash, and more. Additionally, they offer cryptocurrency payment options, including Bitcoin, Ethereum, and Litecoin.

Wellcoinpay’s primary service is facilitating online payments through various payment systems. They operate with 20 currencies and 53 payment systems, ensuring broad compatibility and convenience for international transactions.

Their key features are:

• Merchant account
• Internet acquiring 
• Payment processing
• Payment in bitcoin

Compliance Issues

In 2018, a UK limited company was established around the company, which was dissolved again in 2021. The company was established by the Russian-based Israeli Denis Koshiy.

Regulation

WELLCOINPAY is not regulated by any major financial authority, which is concerning. This lack of oversight can expose users to increased risks regarding transaction security and operational integrity. Regulatory oversight is essential for ensuring strict standards for security and customer protection, and its absence can undermine trust and reliability in the platform. Potential users should carefully consider these risks when evaluating WELLCOINPAY for their payment processing needs.

Customer Review

Trustpilot: 4,4 Stars with 10+ Reviews

Conclusion

Based on some inconsistencies around the company and a missing license , we are classifying WELLCOINPAY in our “Orange Compliance” list